Wallingford CT Market Update for August 2012

Here’s the way the housing market is shaping up in Wallingford as of August 31, 2012:

There are currently 201 single family homes for sale in Wallingford:

Low list price: $35,000

High list price: $1,500,000

Average list price: $342,561

Median list price: $289,269

Average Days on Market: 98

Homes sold on average for 97.0% of list price

There are 77 homes currently under contract, priced between $40,000 and $625,000. Based on the number of homes sold in August (30), it would take approximately 7 months to sell the current inventory.

As for condominiums, there are currently 78 condos for sale:

Low list price: $79,000

High list price: $519,000

Average list price: $215,287

Median list price: $193,700

Average Days on Market: 56

Condos sold on average for 94.1% of list price

There are currently 16 condos under contract, priced between $79,900 and $519,000. Based on the number of condos sold in August (4), it would take 20 months to sell the current inventory.

Here is a chart showing annual home and condo sales in Wallingford so far in 2012:

Wallingford home and condo sales failed to match those in Meriden over the past two months, declining for the second consecutive month in August. Single family home sales were up by 11% over July, but they were down 21% from August 2011 and unchanged from August 2010, while condo sales were down by exactly the same 69% from the month before, from August of 2011, and also from June 2010. The average selling price for condos rose to $202,000, while the average sale price for single family homes remained virtually unchanged. Thirty year conventional mortgage rates were at a still-low 3.375%, while CHFA rates remained steady at 2.875 percent.

While inventory levels and total sales dropped a little, the decrease was not enough to move Wallingford out of the balanced market it’s been in for the last four months, but the supply of house did rise a little to just over 8 months of homes available. Expectations are that September sales figures will most likely drop to the lower levels normally seen at this time of year as consumers move from back to school mode to getting ready for the holidays.

This chart shows what price range most Wallingford homes are selling in:

Clearly, a home owner’s best chance of selling their home is in the $100,000 – $300,000 price range, where 62% of the sales occurred. Above that range there were a few sales, but there are several homes listed in the higher price bands that are languishing on the market, including 3 priced over $1,000,000. While the market is improving, it’s clear that the demand for luxury homes has not caught up with that of the lower price brackets.